"I do not want to take the money of misled subscribers, and divide it among ourselves on pretence of a dividend which we have not earned."
"That is a question of book-keeping, sir, allow me to tell you. Certain debit entries are merely deferred, to be charged later on, leaving a present surplus. It is easily done. Besides, you must admit that we--that the present shareholders--actually have earned the premiums at which the stock stands, or may stand hereafter. That is a profit which the company and the older proprietors have fairly earned by holding the stock in time past, before it grew popular, and the price rose. Trust the management, Mr. Webb. The rest of us are more deeply interested even than you are in things going right."
"I don't like it. It does not seem to be the honest thing to do."
"Mr. Webb, Mr. Webb, you are letting yourself grow warm again, are you not?" said Jordan. "What other method would you propose? This one will give time for examining the property and striking the vein again, and, if we cannot do that, we shall have time to sell out and wash our hands of the whole operation without loss, or even at a small profit."
"But how, as honest men, could we sell property, knowing it to be worthless, at the same price as if it were of real value?"
"Caveat emptor, my dear sir, to quote a legal maxim. The buyers are business men, well able to take care of themselves, and they will do it, you may rest assured. They will satisfy themselves that they are not paying too dear. Your scruples are honourable, no doubt, but do you not think they must be over-strained, seeing they run counter to the general practice? I can assure you it is nothing unusual which has been proposed--nothing but what has frequently taken place in most respectably managed concerns. There was the Porpoise and Dolphin Oil Company, Limited, for instance--since gone into liquidation, but that is neither here nor there--its management was in the hands of a body of directors, than whom no gentlemen in the community stand higher, among others the Rev. Mr. Demas, of Little Bethel, in the Rue des Borgnes--you will have heard him preach, no doubt--a most evangelical man, and surely you will not take upon you to find fault with proceedings such as he has sanctioned by participating in."
"I really could not bring myself to declare a dividend, that is, as I understand it, to profess that we have earned money when I know for a fact that we have not earned it at all."
"Tush, man!" whispered Belmore; "sit down. Let's get through, sign the minutes, and draw our pay. I have coal oil to buy, and nails, and I shall miss my train if you do not sit down and let us finish up."
"Proposed," cried Ralph, "that the board declare a dividend of one dollar per share, payable on the first of next month. Gentlemen in favour of the motion will hold up their hands. Carried! nem. con."
"Gentlemen!" began Webb, in a faltering voice, which was overborne and drowned in the rush and stream of the president's words, which grew loud and rapid at this point, and who went on as though unconscious of interruption. "Any other business to bring forward, Stinson? No? Then this meeting stands adjourned to the second Monday of next month. Sign the minutes, gentlemen, and draw your honorarium."